Oil Prices Rise as U.S.-Iran Conflict Intensifies and Red Sea Risks Grow
Oil prices climbed in early Asian trade on Wednesday, with Brent crude reaching $92.44 and WTI $85.51, both at five-week highs, as renewed U.S.-Iran hostilities showed no signs of abating. The latest surge followed the 11th consecutive night of U.S. military operations against Iranian targets, including operations centers and maritime assets, aimed at degrading Iran's ability to threaten commercial shipping. CENTCOM reported Iran has attacked over 30 commercial vessels in three months. Meanwhile, the conflict is expanding to the Red Sea, where Yemen's Iran-backed Houthi movement threatened to block Saudi crude shipments through the Bab el-Mandeb Strait. Three Saudi oil tankers reversed course in the Red Sea after the Houthis declared a blockade. Diplomatic progress appears unlikely, with President Trump signaling intensified military operations and no interest in renewed negotiations. U.S. inventory data from the API showed mixed results, with crude and distillate stocks rising while gasoline declined. Geopolitical risk remains the primary driver for oil markets, with upside pressure expected to continue.
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